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FE DE RAL R E S E R V E BANK O F N E W YORK Fiscal Agent of the United States f Circular No. 6 7 5 4 1 L June 25, 1971 J RESULTS OF TREASURY’ S 9-MONTH AND 12-MONTH BILL OFFERINGS To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: The following statement was issued by the Treasury Department and released at 6:30 p.m. yesterday: The Treasury Department announced that the tenders for two series of Treasury bills, one series to be an additional issue of the bills dated March 31, 1971, and the other series to be dated June 30, 1971, which were offered on June 17, 1971, were opened at the Federal Reserve Banks today. Tenders were invited for $500,000,000, or thereabouts, of 275-day bills and for $1,200,000,000, or thereabouts, of 366-day bills. The details of the two series are as follow s: Range of Accepted Com petitive Bids 275-Day Treasury B ills M aturing March 31,1972 Approx. equiv. annual rate Price Approx. equiv. annual rate Price 94.398a 94.281 94.340 5.365% 5.480% 5.425%1 95.902 95.814 95.856 High ................................... L o w ........................... .......... Average .................. .......... 366-Day Treasury B ills M aturing June 30, 1972 5.510% 5.625% 5.567%1 a Excepting one tender of $850,000. 1 These rates are on a bank discount basis. The equivalent coupon issue yields are 5.70 percent for the 275-day bills, and 5.91 percent for the 366-day bills. (80 percent of the amount of 275-day bills bid for at the low price was accepted.) (72 percent of the amount of 366-day bills bid for at the low price was accepted.) Total Tenders A p p lied for and Accepted (B y Federal Reserve Districts) 366-Day Treasury B ills M aturing June 30, 1972 275-Day Treasury B ills M aturing March 31,1972 District T otal ................. ...... $ 11,330,000 1,083,320,000 2,750,000 485,000 225,000 13,680,000 53,810,000 14,720,000 4,500,000 1,770,000 22,920,000 92,210,000 $1,301,720,000 Applied for Accepted A pplied for Boston .................... ...... New York .............. ...... Philadelphia............ Cleveland ................ Richmond .............. Atlanta .................... Chicago .................. St. Louis ................ Minneapolis ............ Kansas C ity ............ Dallas ...................... San Francisco ........ $ 830,000 358,070,000 2,750,000 485,000 225,000 8,680,000 48,410,000 7,720,000 4,500,000 1,770,000 4,520,000 62,210,000 $ 500,170,000b $ Accepted 27,360,000 1,780,935,000 2,175,000 9,935,000 1,115,000 15,135,000 142,845,000 19,050,000 3,985,000 9,505,000 24,520,000 115,640,000 $ $2,152,200,000 16,860,000 881,375,000 2,175,000 9,935,000 1,115,000 12,065,000 142,845,000 12,040,000 3,985,000 7,505,000 4,520,000 105,680,000 $1,200,100,000 b Includes $15,140,000 noncompetitive tenders accepted at the average price of 95.856. c Includes $39,585,000 noncompetitive tenders accepted at the average price of 94.340. A lfred H ayes, President.
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